The Bank of England’s attempts to steady markets yesterday could hardly be described as a success: the pound’s sell-off resumed following the central bank’s statement at the close of trading, dropping two cents against the dollar, having pared most of the day’s losses in afternoon trading.
Huw Pill, chief economist of the Bank, speaks at midday about the “economic and monetary policy challenges ahead” at the Monetary Policy Forum. Let’s hope his comments prove reassuring.
In overnight trading the pound has rallied. At 6.54am the pound was trading at $1.082 against the dollar, up 1.29 per cent over the session, and at €1.121 against the euro, up 0.84 per cent.
The market for British government bonds — or gilts — was even
